Eleven Oaks Realty is proud to present their December 2023 Austin Multi Family Real Estate Price Report measuring activity in the Austin multi family market. This report includes all multi family properties (duplex, triplex and quadplex) that sold in December 2023.
The Austin Multi Family Market Has Dipped Back Into Seller’s Market Territory
In December 2023, there was 4.65 months of inventory on the Austin multi family market, a 22.5% decrease in month over month comparisons, which put is into seller’s market territory. Sellers received, on average, 94.2% of their list prices which was a 2.78% decrease in month over month comparisons. The median time to sell a multi family property in Austin was 30 days in December 2023, which was a 30.43% increase in month over month comparisons. The median sold price was $510,000, which was a 5.56% decrease in month over month comparisons.
6% Decrease in Median Sold Price
The median sold price of a multi family property in Austin in December 2023 was $510,000 compared to $541,500 in December 2022, showing a 6% decrease in year over year numbers. Last month, the median sold price was $540,000, showing a 5.6% decrease in month over month comparisons.
31% Decrease in Number of Sold Multi Family Properties
In December 2023, there were 11 multi family properties that closed escrow compared to 16 in December 2022 showing a 31% decrease in year over year numbers. Last month, there were 24 multi family properties that closed escrow, showing a 54.2% decrease in month over month comparisons.
1.4% Increase in Average List Price to Sales Price
In December 2023, the average list to sales price was 94.15% compared to 92.89% in December 2022 showing a 1.4% increase in year over year numbers. Last month, the average list to sales price was 96.84% showing a 2.8% decrease in month over month comparisons.
55% Decrease in Median Time to Sell
In December 2023, the median time to sell a multi family property in Austin was 30 days compared to 67 days in December 2022 showing a 55% decrease in year over year numbers. Last month the median time to sell a multi family property in Austin was 23 days, showing a 30.4% increase in month over month comparisons.
0.8% Increase in Median Price Per Square Foot
In December 2023, the median price per square foot of a multi family property in Austin was $264 compared to $262 in December 2022, showing an 0.8% increase in year over year comparisons. Last month, the median price per square foot was $264, showing now change in month over month comparisons.
59% Decrease in Total Sales Volume
In December 2023, the total sales volume of multi family properties in Austin was $5,055,000 compared to $12.46MM in December 2022, showing a 59% decrease in year over year comparisons. Last month, the total sales volume was $14.77MM, showing a 65.8% decrease in month over month comparisons.
47.2% Increase in Months Supply of Inventory
In December 2023, there was 4.65 months of inventory on the Austin multi family property market compared to 3.16 months in December 2022, showing a 47.2% increase in year over year comparisons. Last month there were 6 months of inventory on the Austin market showing a 22.5% decrease in month over month comparisons.
125% Increase in New Pending Listings
In December 2023, there were 18 multi family properties that accepted a contract compared to 8 in December 2022, showing a 125% increase in year over year numbers. Last month, there were 17 multi family properties that accepted a contract, showing a 5.9% increase in month over month comparisons.
3.33% Increase in Median Active List Price
In December 2023 the median active list price of a multi family property in Austin was $775,000 compared to $750,000 in December 2022 showing a 3.33% increase in year over year comparisons. Last month, the median active list price was $695,000, showing an 11.5% increase in month over month comparisons.
6.3% Increase in Number of New Listings
In December 2023, there were 17 multi family properties introduced to the market compared to 16 in December 2022 showing a 6.3% increase in year over year comparisons. Last mont, there were 40 multi family properties introduced to the market showing a 57.5% decrease in month over month comparisons.
18% Increase in Number of Active Listings
In December 2023, there were 93 multi family properties actively for sale in Austin compared to 79 in December 2022, showing an 18% increase in year over year comparisons. Last month, there were 115 multi family properties for sale in Austin, showing a 19.1% decrease in month over month comparisons.
December 2023 Austin Multi Family Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve included the figures for December 2023 Austin multi family sales below. The most expensive property that sold in December 2023 sold for $865,000 and the least expensive multi family property sold for $282,500. Multi family properties ranged in size from 1,000 sqft – 3,968 sqft with an average size of 2,184 sqft. The average price per square foot for a multi family property that sold in Austin in December 2023 was $244.93 with the lowest being $108.24/sqft and the highest being $410/sqft. It took, on average, 37 days to sell a multi family property in Austin and sellers received, on average, 90.64% of their original list prices.
| | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|
| Min | 1,000 | $340,000 | $133.72 | $282,500 | $108.24 | 81% | 71% | 11 |
| Max | 3,968 | $879,000 | $415 | $865,000 | $410 | 104% | 104% | 96 |
| Avg | 2,184 | $515,302 | $256.41 | $491,364 | $244.93 | 93.91% | 90.64% | 37 |
| Med | 2,272 | $525,000 | $280.76 | $500,000 | $264.24 | 95% | 93% | 15 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | December 2023 |
| Property Type | Multi Family | Number Sold | 11 |
| Source: | ABoR Sales Data | Area | Austin |
Time to Buy? Sell?
Looking strictly at the numbers, it appears the recommendation for this month is – it’s time to buy. Though we have just under 5 months of inventory and are technically in a sellers market, we are seeing some market forces favoring buyers. Median price is down 6% and inventory is up 47.2% so buyers are getting more choices and paying less for it. Sellers are also willing to negotiate more, getting only about 90% of their original list prices. We are starting to see market forces shift with less time to sell and more sales, so it’s only a matter of time before demand increases and we see increasing prices. If interest rates and prices keep dropping, we will see a surge of interest from multi family investors that have been waiting on the sidelines for just that to happen. If you’re looking to buy, take advantage of the market forces we have today and get under contract before things take off in spring.
Looking to sell? If you want top dollar for your multi family property, make it stand out as a value. When buyers are excited about the potential of your property, they’re willing to pay more. If your multi-family property is located in a desirable area or good school district, you’re in an even better position as those are very hard to find. Spend some time preparing the property to meet the market and hire a Realtor who knows how to market multi-family properties. If you’re considering selling, work with a Realtor who has strategies to help you get top dollar for your home. Check out our 88 Ways to Sell Your Home Faster and For More Money for some tips on how you can prepare your home to meet the market. We are entering the busiest time of year. Do what you can to prepare your home now and you’ll be ready at the perfect time. For more info about our Home Selling Program, check out Selling in Austin.
If you’re looking to buy, set alerts for new listings and scout them as soon as possible. Hire a Realtor who knows the multi family real estate market and has strategies for getting your offers accepted without increasing your offer price. Our team not only knows the market, but we also own several multi-family properties that have no trouble finding tenants. We can help you identify which properties will be the highest netting. Put our knowledge and experience to work for you and we’ll help you make money on your rental. For more info about buying a multi-family property, visit Buying in Austin.
Questions About the December 2023 Austin Multi Family Real Estate Price Report?
Do you have questions about this December 2023 Austin Multi Family Real Estate Price Report? Call us at (512) 827-8323 or email us at info@11OaksRealty.com and we’ll help you in any way we can. If you’re looking to buy or sell Austin real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.
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